The Highlights
After a strong four-month run, global equities have had a weaker August. The MSCI World Index dropped 2.44% last week, while the S&P 500 fell 2.05%. Concerns around slower growth and rising rates have driven the pullback. The NASDAQ ended the week down 2.59%, while the small-cap Russell 2000 lost 3.32%. The NASDAQ has been hurt by the reduced hype around AI stocks and the Russell 2000 tends to be more sensitive to changes in economic data. While declines are never comfortable, August still falls in the “healthy pullback” category. The US cannabis-focused MSOS ETF lost 1.00% last week, while the global YOLO ETF fell 0.05%. Largely improved earnings reports were offset by the drop in the broader markets and ETF selling. The Poseidon Dynamic Cannabis ETF’s last day of trading is August 25 and it has been liquidating its holdings. The MJUS ETF has also been rebalancing and pressuring some names.
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